Banking and finance jobs show biggest jump in average salary: Kelly Services

KUALA LUMPUR: Jobs in the banking and finance industry are seeing an average salary increase of 10% to 25% a year, due to strong demand for specific skills.
"Malaysia is focusing on new industries such as Islamic banking and finance and creating strong demand for specific skills along the way," Kelly Services (M) Sdn Bhd managing director Kamal Karanth said after the launch of its annual Employment Outlook and Salary Guide 2014/15 here yesterday.
In its findings, the employment agency said the number of hot jobs (positions with strong demand) within the banking and financial services sector rose to 23, compared with 19 in 2013/2014, of which eight were new jobs, including Shariah head for Islamic finance, risk management manager, head credit risk, business intelligence manager and management trainee.
"The financial sector stands as one of the largest sectors in Malaysia with more than 300,000 people employed and contributes up to 11% of Malaysia's gross domestic product," said Karanth, who noted that it is a good time to work in the local financial services industry.
The findings revealed that the average annual salary jump for hot new jobs in 2014/15 is between 5% to 10% for information technology, 10% for engineering, 10% to 15% for logistics and warehousing and 10% to 20% for sales and marketing.
"These gains show that Malaysia's jobs market is not only robust but is pushing people up the value chain," he said, adding that the key part for wage growth is skilled workers.
"Companies need the right people with the right skills. Malaysia has a good talent pool but it needs to expand. Until that happens, we are likely to see rising wages as employers look to secure the skilled talent required to grow their businesses," said Karanth, who also noted that the employment market is co-related to the global trends and economic changes.
He said the country currently has 27% to 28% of skilled workers, where it is targeting to increase to 33% by 2015 and 45% within 6 years to meet the national agenda of a high income nation by year 2020.
"It is achievable, 3% to 4% per year is definitely possible and we have 6 years to do that," he added.